There are many qualified retirement plans that allow substantial tax deductible contributions and some of allow additional “catch up” contributions for those 50 and older. You first need to determine which plans are available for your situation. As an example: in 2013 the contribution limit for a 401(k) is $17,500 and for those ages 50 and older an additional $5,500 is allowed under the “catch up” provision. In contrast a SEP retirement plan allows contributions up to 25% of compensation, or $51,000 for 2013 and generally tied to annual cost - of - living adjustment for later years.
In Canada, your total contribution room to a Registered Retirement Savings Plan (RRSP) and Registered Pension Plan (RPP) is $24,70 in 2014. This amount could be higher depending on unused amounts from previous years.
What is best for you depends on your situation.
If you would like to work with a local Retirement Planner, you could start with a Google search. For example, if you search for: retirement planner Halifax or retirement planning Halifax, my name, along with several others, will come up. You can use the same method to find Retirement Planners in your community.
If you have further questions, or feel that I could be of assistance, please do not hesitate to contact me.
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What is best for you depends on your situation.
If you would like to work with a local Retirement Planner, you could start with a Google search. For example, if you search for: retirement planner Halifax or retirement planning Halifax, my name, along with several others, will come up. You can use the same method to find Retirement Planners in your community.
If you have further questions, or feel that I could be of assistance, please do not hesitate to contact me.